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OOCL’s Transpacific revenues double in Q3

Orient Overseas Container Line (OOCL) is the first liner to give a glimpse of its third quarter results, and if they are anything to go by it should prove to have been good three months for the sector.

Marcus Hand, Editor

October 8, 2024

1 Min Read
The container ship OOCL Portugal
Credit: OOCL

A third quarter operational update from OOCL’s parent Orient Overseas International (OOIL) showed that the line’s revenues for the quarter ended 30 September were up 73.7% on the same period in 2023 at $3.06 billion. Average revenue per teu was up 67.6% in Q3 2024 compared to the same quarter in 2023.

Overall, for the first nine months of 2024 OOCL reported revenues of $5.91 billion up 23.4% compared to the same period in 2023 and average revenue per teu was up 20.3% year-on-year.

This year has seen container spot rates jump to their highest levels since the pandemic due to Cape of Good Hope diversions to avoid Houthi attacks in the Red Sea soaking up excess capacity, combining with an early peak season as shippers sought to avoid disruption. Spot rates have started to come off sharply in Q3.

The run-up in spot rates coincided with the annual contract renewals on the Transpacific trade. In Q3 2024 OOCL reported revenues from the Transpacific trade were up 99.4% compared to Q3 2024 at $1.25 billion. For the first nine months of the year OOCL’s revenues on the Transpacific were $2.91 billion up 51% in the same period in 2023.

Looking at Q3 the company said total liftings increased by 3.6% and the loadable capacity decreased by 1.6%. The overall load factor was 4.2% higher than the same period in 2023.

Related:OOCL names final newbuild in mega box ship series

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About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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